Bank of England rates-setter says further hikes may be needed

Jonathan Haskel suggests surging borrowing costs for households is a price worth paying to tackle inflation

The Bank of England may need to increase interest rates further to tackle inflation, despite mounting pressure on households from the rising cost of borrowing, senior Threadneedle Street policymakers have said.

Jonathan Haskel, an external member of the rate-setting monetary policy committee (MPC), said the central bank could not rule out more hikes given concerns about stubbornly high rates of inflation.